IISF April Chapter Meeting Report

Every IISF Chapter Meeting this year has attracted increasing attendance from members and guests. April's Chapter meeting continued this trend with the opportunity to hear from three more hugely experienced and informative speakers who shared many insights with those in the room..

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IISF Chapter Meetings are recognised by ISC2 and  ISACA  for CPE points (1 point per hour).

This time we welcomed  Ciaran Byrne  from Edgescan whose presentation "Vulnerability Management 2025 - The Ongoing Saga" gave valuable insights, followed by presentations from Gary Corley, Ergo speaking about " Incident response and Managing the unthinkable" and Ricky Kelly, RDJ Solicitors about "Cyber Insurance" whose presentations were hugely insightfull and informative

Sincere Thanks to SMBC Aviation Capital, Dublin, Ireland, for hosting this IISF event at their fantastic offices on Fitzwilliam  Street, in the heart of the City.

To give a flavour of the quality content available to IISF members, here is a short video teaser from the presentation on Cyber Insurance by Ricky Kelly, RDJ Solicitors.

Summary of the full presentation on Cyber Insurance

Ricky focused on cyber insurance policies, their complexities, and the evolving landscape of cyber threats. Ricky, a lawyer specializing in this area, explained how cyber insurance differs significantly from traditional insurance. Unlike reimbursement-based policies, cyber insurance often involves proactive intervention.

Insurance companies may directly engage incident response teams to mitigate losses, reducing overall costs for the insured. The speaker emphasizes the crucial role of patch management, noting that failure to address critical vulnerabilities can void policies and leave companies liable for substantial costs in the event of a breach. They highlight the increasing sophistication of cyberattacks, including the use of AI by hackers to reverse-engineer patches and accelerate attacks.

His presentation detailed various areas of cyber insurance coverage, including data security breaches, professional services (legal, forensics, PR), ransomware attacks (with examples ranging from €9,000 to €250 million in ransom payments), business interruption (loss of revenue and increased costs), and external cybercrime cover (payment redirection fraud). Ricky explained the importance of engaging with insurance brokers early to understand documentation requirements for claims, particularly regarding business interruption. Also discussed was the increasing prevalence of business email compromise and the evolution of policies to address this threat.

Several case studies Ricky shared illustrate the real-world impact of cyberattacks and the costs involved. One case involved a ransomware attack costing €1.3 million in incident response and an estimated €4 million in overall losses due to a misconfigured firewall. Another case highlighted the risks of MSPs (Managed Service Providers) making unauthorized ransom payments without proper authorization, leading to additional costs and regulatory issues. A third case study involved a hotel group suffering from payment redirection fraud due to social engineering, resulting in significant financial losses and reputational damage. Finally, an education institution experienced a data breach due to an internal error, leading to regulatory investigations and costs.

Ricky concluded by discussing current trends, including the rise in business email compromise, the resurgence of ransomware attacks, and the increasing use of AI by hackers.He also mentioned the growing importance of verifying bank details to mitigate payment redirection fraud. The discussion included the challenges of governmental regulations regarding ransom payments, with the speaker noting that while public bodies generally avoid paying ransoms, the landscape is evolving. 

Recordings of full presentations are now available to view via in the IISF member's area (Meeting Downloads tab)  login to view 

 
Ergo is now a proud member of the ISSF

"At Ergo, we are fully aligned with the IISF’s objectives to facilitate the exchange of information and to promote best security practices and standards"

If you are interested in finding out more about the IISF, or would like to attend one of our Chapter Meetings as an invited guest, please contact the
IISF Secretary:

By email:
secretary@iisf.ie

By post:

David Cahill

GTS Security,
Exo Building,
North Wall Quay,
Dublin 1,
D01 W5Y2

Enhance your Cybersecurity knowledge and learn from those at the coalface of information Security in Ireland

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